Global Wearable Medical Device Market Overview:
A wearable medical device can be defined as a device, which is autonomous, non-invasive, and performs a specific medical function such as monitoring or support over a prolonged period of time. The term wearable implies that the support environment is either a piece of clothing or the human body. Based on the type, the market has been bifurcated into activity monitors, smart watches, smart clothing, and patches, among others. Based on the application, the market has been classified into sports & fitness, remote patient monitoring, and home healthcare. Technological advancements in wearable medical devices are one of the major factor contributing to the growth of the market.
As per latest study released by AMA Research, the Global Wearable Medical Device market is expected to see growth rate of 19.1%Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Smaller and Lightweight Wearables Medical Devices and The Use of Augmented Reality, Virtual Reality, Artificial Intelligence and Machine Learning in Wearable Apps
Market Growth Drivers:
Increasing Penetration of Smartphones As Well As Growing Number of Smartphone-Based Healthcare Apps Compatible with Wearable Devices, Increasing Preference for Wireless Connectivity among Healthcare Providers, Technological Advancements in Wearable Medical Devices and Increasing People Focus on Physical Fitness
Challenges:
Limited Battery Life and Complexity in the Design of Devices
Restraints:
High Cost of Wearable Devices and Lack of Reimbursement and Data Security Issues
Opportunities:
Growing Awareness and Preference for Home Healthcare and The Increasing Spending Power on Healthcare among the Developing Regions
Competitive Landscape:
Some of the key players profiled in the report are Fitbit (United States), Philips (Netherlands), Garmin (United States), Lifewatch AG (Switzerland), Omron (Japan), Drägerwerk AG (Germany), Nokia Technologies (Finland), Jawbone (United States), Polar Electro (Finland) and Activeinsights (United Kingdom). Additionally, following companies can also be profiled that are part of our coverage like Vitalconnect (United States), Xiaomi (China), Misfit (United States), Monica Healthcare (United Kingdom) and Sensoplex Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Wearable Medical Device market by 2028. Considering Market by Distribution Channel, the sub-segment i.e. Pharmacies will boost the Wearable Medical Device market. Considering Market by Device Type, the sub-segment i.e. Diagnostic & Monitoring Devices {Vital Sign Monitoring Devices (Heart Rate Monitors, Pulse Oximeters, Blood Pressure Monitors), Glucose Monitoring Devices, Sleep Monitoring Devices, Fetal Monitoring & Obstetric Devices, Neuromonitoring Devices} will boost the Wearable Medical Device market.
Latest Market Insights:
On 6 March 2019, Fitbit, the leading global wearables brand, has announced four new products such as Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire and Fitbit Ace 2 designed to help make health and fitness accessible to more consumers across the globe. Making health and fitness accessible and affordable to more consumers worldwide. and On 8 Jan 2019, Omron Healthcare, leading wearable medical device manufacturers, officially launched HeartGuide, the first wearable blood pressure monitor, with new digital health service, HeartAdvisor.
On 14 Dec 2018, Tech giant Garmin partnered with sleep monitoring solutions provider ActiGraph to develop wearables for medical research and patient care.
What Can be Explored with the Wearable Medical Device Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Wearable Medical Device Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Wearable Medical Device
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Wearable Medical Device market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Wearable Medical Device market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Wearable medical device manufacturers, Public and private physicians, Healthcare institutions (medical data centers), Research & clinical laboratories, Distributors and suppliers of wearable medical devices, Health insurance payers, Market research and consulting firms and Venture capitalists.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.